Starting a Business as a Single Mom

Starting a business as a single mom is a bit more challenging that it is for the average person. On the other hand, being a single mom often gives you just the motivation you need to succeed in your business endeavors. One fo the best businesses to start as a single mom is a daycare because you already have most of what you need in order to get started. However, if you do need funds to get started, there are more resources than you may realize, like self employed loans.

Before you do anything at all, you need to come up with a solid business plan. You can find templates online to help you create a solid business plan so that your goals are clear and so that you have the information available if and when you try to apply for assistance to start your business. One you have your business plan, make an appointment with your local Small Business Administration. This group can be a great resource when it comes to learning where you can obtain funding or just fine tuning your business plan.

Individual Development Account

As you begin to add the details to your business plan, apply for an Individual Development Account (IDA). You can be matched by up yo $3 for every $1 that you put into savings and you are allowed to use that savings to start a business.

While you are gathering information and saving up your money, consider whether a college degree would benefit you in your business. Even if you just take a few business classes, you can use some of the funds that you get as part of your financial aid to obtain some of the things you need to survive while trying to start a business. Even if your business does no require a degree, getting an education ever hurt anyone and it might make potential investors take you more seriously.

Government Grants for A New Business

Check various government branches for specific grants that may relate to your business. Each government agency has their own grants which  Are either managed by another facility or are to be applied for directly through that government branch. You can either search through the listings on each government website or you can do a search for specific grants. You might be shocked to learn about some of the departments that handle grants. For instance, the USDA has a program to help potential homeowners buy their first house, but that is not the first place you think of when it comes to finding a grant or loans (like SBA loans) for housing.

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